The pharmaceutical marketplace is dynamic, and performing a market check is essential for ensuring your current PBM contract reflects the most competitive market pricing possible. If your PBM is meeting customer service levels, but you want to review your financial terms, a market check is a less expensive, faster solution than a full PBM RFP. Focusing on financial performance within the market, PillarRx’s market check will provide the following:
- Contract vs actual financial performance review based on pricing guarantees and provisions in the contract
- Comparison of financial performance to PBM benchmarking information
- An executive summary with actionable recommendations
PillarRx collaborates with each client to complete a needs assessment, current contract performance review, and comparative analysis of pricing using the client’s demographic factors and correlating industry pricing. Using this information and a subset of claims data, PillarRx presents information in the final market check report. This report includes a pricing analysis and identifies areas of opportunity, which provides clear recommendations to help better position the client’s pharmacy benefit program to perform more cost-effectively in the future.
Through many successful contract evaluations, our experience shows that market checks should be minimally performed every two years. This timeframe allows PillarRx’s expert staff to properly evaluate that the PBM pricing afforded to your pharmacy benefits program never grows stale and is among the most competitive in the market.
To determine if your PBM’s financial terms are still competitive, contact PillarRx. We would be happy to talk about your pharmacy benefit program, financial goals, and complete a Market Check to help identify opportunities to bring more value to the overall program. Contact us today at [email protected]!